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本文以2001年证监会发布的《上市公司新股发行管理办法》为起点,对我国A股上市公司2001￣2005年度现金股利分配情况从数量和质量两个方面进行了分析。结果表明,2002年以后由于政策性和公司自身原因,派现上市公司所占比率出现小幅回落;A股上市公司在收益质量不高的情况下,明显存在超能力派现的现象。而股票获利率高于无风险利率水平的公司比率上升,是理性表现。
This paper starts with the Measures for the Administration of New Shares Issuance of Listed Companies promulgated by the CSRC in 2001 and analyzes the distribution of cash dividends from 2001 to 2005 in China’s A-share listed companies in two aspects: quantity and quality. The results show that since 2002, due to the policy and the company’s own reasons, the proportion of companies that have been sent to listed companies showed a slight decline; A-share listed companies obviously have the phenomenon of super-ability distribution under the condition of low return earnings. The ratio of companies whose stock rate of interest is higher than that of risk-free interest rate rises is a rational manifestation.